Remodeled Duplex with Private
For Sale
$1,299,000
3515-3517 SW 91st Ave, Miami, FL 33165
Completely remodeled duplex features separate 4-bedroom/3-bath and 2-bedroom/1-bath residences, plus fenced yard and remodeled pool.
Property Size2,234 SF
Days on Market66
Property Features for 3515-3517 SW 91st Ave
General Information
Standard status
Active
Size
2,234 SF
Property subtype
Duplex
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,718
Building Details
Building Size
2,234 SF
Year Built
1966
Tenancy
Multi
Listing Agency:
Mutual Trust Realty
Listed By:
Roberto Cepero · License #3092230
Source:
Marcelosteinmander
Added: Jul 6
Changed: Sep 3
Last Checked: Sep 8 at 10:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Mutual Trust Realty
Investment Insights
Based on property information with market context.
This completely remodeled duplex includes a spacious main residence and a separate rear home. The 4-bedroom, 3-bath residence features updated kitchens and bathrooms, granite kitchen countertops, new appliances, and impact windows, along with a private master suite that includes a walk-in closet and an updated master bath. The separate 2-bedroom, 1-bath home provides an additional self-contained layout with updated kitchens and baths.
Set in the Westchester area of Miami, the property offers outdoor space shared by the duplex setting, including a fenced backyard, a patio area, and a remodeled pool associated with the rear home at 3515.
The two-unit configuration at 3515 and 3517 is designed to support flexible living arrangements for an owner-occupant or rental-focused investor.
Set in the Westchester area of Miami, the property offers outdoor space shared by the duplex setting, including a fenced backyard, a patio area, and a remodeled pool associated with the rear home at 3515.
The two-unit configuration at 3515 and 3517 is designed to support flexible living arrangements for an owner-occupant or rental-focused investor.
Key Highlights
- Completely remodeled duplex (built 1966) with two separate residences: 4BD/3BA and 2BD/1BA
- Separate 4‑bedroom/3‑bath main residence (3515) with private master suite, walk‑in closet, and updated master bath
- Separate 2‑bedroom/1‑bath residence (3517) for additional rental or owner‑occupant flexibility
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,804
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.45%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$896,080
$896.1K
Cap Rate 7%
$640,057
$640.1K
Cap Rate 9%
$497,822
$497.8K
Market Conditions
NOI Build-Up for 2,234 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.4K $30.60/SF
− Vacancy
−$4.4K −$1.95/SF
EGI
$64.0K $28.65/SF
− OpEx
−$19.2K −$8.60/SF
NOI
$44.8K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$896,080
Cap Rate 7%
$640,057
Cap Rate 9%
$497,822
Alternative Uses
Best Use
Multifamily LT 5
$640.1K
$560.1K – $746.7K
NOI $44,804 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$589.6K
$515.9K – $687.8K
NOI $41,270 @ 7.0% cap · market cap 3.18%
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,558 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,434
Businesses Nearby
Explore this area
Business Placement
Demographics for 33165, FL
54,070
Population
17,813
Households
3
Avg Household Size
47
Median Age
28%
College-Educated
82%
High-School Grad
7.5 sq mi
ZIP Area
7,209
Density / Sq Mi
$84,086
Median Household Income
$41,657
Median Earnings
$1,796
Median Rent
$476,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Completely remodeled duplex features separate 4-bedroom/3-bath and 2-bedroom/1-bath residences, plus fenced yard and remodeled pool.
Where is this duplex located?
The property is located at 3515-3517 SW 91st Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Completely remodeled duplex (built 1966) with two separate residences: 4BD/3BA and 2BD/1BA; Separate 4‑bedroom/3‑bath main residence (3515) with private master suite, walk‑in closet, and updated master bath; Separate 2‑bedroom/1‑bath residence (3517) for additional rental or owner‑occupant flexibility
